CECO Environmental Increases Quarterly Dividend 29% And Announces Dividend Reinvestment Plan
CINCINNATI, Aug. 14, 2012 /PRNewswire/ -- CECO Environmental Corp. (NasdaqGM: CECE), a leading global provider of air pollution control technology and industrial ventilation systems, today announced that its Board of Directors is raising its quarterly dividend 29% to $0.045 per share from the previous quarterly dividend of $0.035 per share. The dividend will be paid on September 28, 2012, to all shareholders of record at the close of business on September 14, 2012.
CECO also announced today that its Board of Directors has approved a Dividend Reinvestment Plan (the "Plan") for eligible holders of CECO common shares. Participants in the Plan can increase their holdings by having all or a certain portion of their dividends (if, as and when declared by the CECO's Board of Directors and paid) reinvested in CECO common stock at a discount to the market price, as described in the Plan. American Stock Transfer & Trust Company ("AST") will serve as CECO's plan administrator.
Registered CECO shareholders, those shareholders that hold the shares in their own name, wishing to participate in the Plan will be able to find the full text of the Plan prospectus and enrollment forms at www.amstock.com. Non-registered beneficial shareholders, those shareholders who hold the shares in an account with a broker, are advised to contact their brokers, investment dealers or other financial intermediaries for details on how to participate in the Plan.
CECO filed a registration statement (including a prospectus) yesterday with the Securities and Exchange Commission to register common stock to be offered under the Plan. Before enrolling, shareholders are advised to read the complete text of the Plan prospectus and to consult with their financial advisors regarding their individual investment profile and tax situation. Shareholders may request a Plan prospectus by contacting AST at (866) 708-5574. The Plan prospectus is also available by visiting the SEC web site at www.sec.gov.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading global provider of air pollution control technology. Through its subsidiaries – Busch International, CECO Filters, CECO Abatement Systems, Kirk & Blum, Effox-Flextor, Fisher-Klosterman/Buell, CECO China and A.V.C. Specialists – CECO provides a wide spectrum of air quality products and services including engineered equipment, cyclones, scrubbers, dampers, diverters, RTO's, component parts and monitoring and management services. Industries served include refining, petro-chemical, power, aluminum, steel, automotive, chemical and large industrial processes. Revenue from engineered equipment technology is approximately 75% and 25% from parts, services and aftermarket. Global growth, operational excellence, margin expansion, safety leadership and employee development are CECO's core strategies and long term objectives.
For more information on CECO Environmental, please visit the company's website at http://www.cecoenviro.com.
Jeff Lang, CECO Environmental Corp.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in CECO's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include, but are not limited to: our dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding our estimates and our method of accounting for contract revenue; our history of losses and possibility of further losses; fluctuations in operating results from period to period due to seasonality of our business; the effect of growth on our infrastructure, resources, and existing sales; our ability to expand our operations in both new and existing markets; the potential for contract delay or cancellation; the potential for fluctuations in prices for manufactured components and raw materials; the impact of federal, state or local government regulations; economic and political conditions generally; and the effect of competition in the air pollution control and industrial ventilation industry. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
SOURCE CECO Environmental Corp.